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We’ve all heard the stories of family farmers and mom-and-pop stores who make for great news interviews when it comes to opposing the estate tax. But a report suggests that the real force behind estate tax repeal may be a group of ultra-wealth billionaires who stand to gain far more than any small family business […]
With the changes in the tax law, most estates today are not required to pay federal estate taxes and that also means there is no need to file the estate tax forms. For many who fall below the threshold, it doesn’t make sense to pay a professional to file the estate tax forms. There are, […]
Many banks and financial services companies offer a variety of services related to creating and managing trusts. When large trusts are established for minor children, it is necessary to use a professional trustee, but there are no guarantees that the professional trustee will carry out their fiduciary duties appropriately. Tragically, seven year old Angela Militello […]
When two women both claimed a child as their own, the dispute was brought before King Solomon. His edit was terrifying to hear, but had logic and a bit of psychology behind it: he ordered the baby to be cut in half to see how the women would react. The real mother would of course choose […]
As a result of a German law that makes any heirs liable for any debts, no one is making any claims on the estate of the German co-pilot who is alleged to have crashed a passenger plane into the Alps. The estate of Andreas Lubitz has filed for bankruptcy. Lubitz was the German co-pilot now […]
A trust created by Archbishop Desmond Tutu, has been quietly dissolved earlier this year, yet another victim of a family that does not appear to be enjoying the peace that the famed leader devoted his life to creating for others. Desmond Tutu won the Nobel Peace Prize for his efforts to end racism and corruption […]
Boomers are devoted parents, and their children, who struggle with a challenging economic environment, appreciate the help. But as more money flows out of retirement accounts to help the next generation, inheritances are shrinking. Older Americans are increasingly finding themselves transferring money to their adult children, for the sake of supporting those adult children, ultimately, […]
A new round of billionaires have committed to taking The Giving Pledge, created by Bill Gates and Warren Buffet, agreeing to leave most of their significant wealth to charity. That’s the good news. But by making these contributions, these wealthy individuals reduce the federal tax base. And not all of these donations are being made to charitable […]
Best known as a Prohibition era lawman who battled against powerful mobsters, Elliot Ness had a second career as the CEO of Diebold. Through a chain of unlikely events, a stock certificate dating back decades was found – but his estate is now battling with Diebold to get the company to pay up. Believing that […]
Surprisingly, a recent report shows that a third of all millionaires do not have an estate plan. The problems this creates are part of the legacy they leave to their heirs. People who have very few assets and who are comfortable with those assets being passed on to their closest living relatives may not have […]
